Peeps at UBS
Wondering how the people at UBS are feeling about the merger, do you feel safer than your credit Suisse counterparts?
Mar 19, 2023Mar 19, 2023
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Comments (51)
Nope, not at all - you're always worried about the uncertainty after a merger, especially when there's significant overlapping operations (in this case IBD). Nothing we can really do except for wait though.
I'm curious, a lot of people seem to be indicating the continued spin-off by UBS of CS first Boston led my Michael Klein as a best case scenario, do you agree with this?
Does this uncertainty apply to UBS UK too?
Likely would apply to all geographies
cant handle a joke smh
Keep your resume updated…somebody in HR is going to start working on a synergy spreadsheet tomorrow if the deal goes through today / tonight
Why are you gleeful? You must be a wonderful person to be around; enjoying other people struggling and taking joy from it.
Typical miserable banker with no life except his "social interactions" on WSO. Leave your house and go talk to some real humans, albeit I'm sure it will be hard for you because you have acne scars and a receding hairline.
Lol I'm anything but gleeful…I work at UBS / CS. Just being realistic that our job security went from iffy to very iffy in the last 2 days
Just out of curiosity, what would this mean for incoming FT at UBS/CS? Is it likely that these offers are secure and cuts will only impact current employees or should I actively be looking around for opportunities rn?
I don't know if you can grab these groups together at this point. UBS management team has stated and reiterated that CS is going to be wound down. I would feel safer as a UBS employee, FT or SA. I think cuts can come there, but the majority of the trimming will take place in the CS side based on what they are saying.
I don't understand. If Company A buys Company B, wouldn't Company A prioritize keeping their employees over that of B's?
I think the sentiment comes from a mix of news that UBS was already reported to have been planning to lay off plenty of bankers + most of CS's coverage groups are better than UBSs - makes sense to cut fat and make way for stronger talent where you'd wanna keep it even if they're not looking to stick around the IB business in general. That being said who knows, we're all just waiting for UBS to announce what they're gonna do
That's interesting because every article I read seem to indicate that UBS doesn't want CS IB - that was what was actually holding the deal up.
"Any full-scale takeover would give UBS prized businesses within Credit Suisse, such as wealth-management clients in Asia and the Middle East, but might come with less desirable units such as Credit Suisse's troubled investment bank"
So I think if you're at UBS, you shouldn't get comfortable but odds are you will probably be fine, at CS it's another story.
Source: https://www.wsj.com/articles/ubs-offers-1-billion-to-take-over-credit-suisse-bfac51fa
This talk about CS coverage groups being better than UBS, is it applicable in the UK IB space?
In this situation, Company B (CS) has the stronger IBD business (advisory / capital markets) than Company A (UBS). One scenario I'm picturing is UBS takes the top MDs from CS and cuts the junior bankers. On the UBS side, MDs are at higher risk of being replaced whereas the junior talent at UBS can remain in tact.
Public stance by UBS is that CS IB will be trimmed and then incorporated
I don't think this prediction makes much sense.
Pretty much all CS MDs just had significant amounts of unvested stock wiped out, so I don't think they have any incentive to stick around anymore. I would imagine any seniors worth their salt will be leaving imminently rather than hanging around to see whether or not they will still have a job. I.e. by the time integration is actually underway the talent pool is going to be looking very different.
I don't think UBS are attributing much if any value at all to the CS IBD business. After all, that was the division that was creating significant pushback. Pretty certain they aren't counting on retaining any CS rainmakers as part of this deal...
yeah but what about all those valuable incoming summer intern rainmakers
Lol
Don't be a dick to kids who are freaking out right now. Acting like a damn fool.
Newly minted (earlier this month) VP1 here at UBS
We'll find out more tomorrow morning from the weekly morning meeting (or at least hear how Management is posturing) but I think most of us are somewhat on edge. It's no secret CS had a bunch of better coverage and product groups than us so that very well may result in some friction/attrition/layoffs etc.
We'll see what happens
Lmao who knows that's going to be left of CS when all this is said and done. I understand that banks have no loyalty, but the idea they are going to chop heads in the next few months at UBS to bring on a CS IB bank they didn't want to have in the first place seems far fetched. Either ways, good learning for everyone to see how this plays out.
Are you in US or London?
Im a full time banker at UBS in group that is inferior to CS's group (ignore username), and I am personally starting recruiting right now.
I want to see whats possible (if at all), and at least have a head start if things go south
Shouldn't you focus on your job and try to help the team win deals? That's one way to keep your job instead of just giving up and trying to run
LMAO. what an awful take. awful macro environment for deals plus the fact that DIRs and down do not make meaningful impacts to winning deals but let's tell people to focus on their jobs to win deals. and since when are IB evaluations based on the latest "impact to winning deals" factors when banks are looking to make huge layoffs? this person above me needs to get their account banned for saying such a ridiculous thing
As bad as the lateral market is, I highly recommend you do a market check on your opportunities.
As someone who was on the frontlines in 2008, I can assure you the idea that you or anyone junior / mid-level will somehow avoid layoffs by helping your team "win deals" is ludicrous. That will be entirely up to factors beyond your control.
LOL SHUT UP NERD!
Recruit where?
Lateral market is dead.
I've been at a broker dealer where they acquire smaller firms to add to their product/portfolio.
They'd run an assessment and see what's valuable and what isn't.
For those at CS getting into UBS - remain productive and keep at it. Keep your resume polished but don't give up until the last minute.
Definitely wise to prepare for the worst, will be starting a market check myself this week.
There are a number of coverage and product groups at UBS in the US that have done less than 20-30mm in revenue in the LTM. CS' corresponding groups are much larger and much more revenue.
If they take the best 50% of both sides you could have pro forma groups that are like 70-30 or 80-20 CS-UBS
Lmao why go through all the trouble of integrating? Wouldn't they just fire their entire UBS team and keep CS?
Could plausibly happen which is why I have updated my resume
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